Cost
| Description |
| Point in time benefit cost. This is an excellent summary of the program, especially useful from a CFO perspective. A lot of financial data is consolidated and presented in an easy to use format, with the ability to easily drill through, and filter by different subgroups of employees, as well as see the data at different points in time. It is an especially powerful presentation to the C-suite, focusing on the net cost to the company of the whole benefit program, and how costs are shared with employees for participatory plan types. We present here the actual cost, not an estimate or a month to month projection. For companies that have variations in headcount, and costs change month to month, this provides an easy way to track how they are doing, benchmarking as a share of salary, or comparing across employers by an advisor who has multiple employer groups using this dashboard. |
Insights
- Displays financial levers related to benefits
- Numeric Components
- Employees: number of active employees
- Enrolled in Benefits: number of employees enrolled in at least one benefit plan
- Total payroll cost: annualized salary as entered in Benefits Junction
- Employer’s Annual Benefit Cost: annualized employer contribution of benefits, across all plans, not just those represented in the visual
- % of salary: Total payroll cost divided by Employer’s Annual Benefit Cost
- Provides a benchmark for comparison across renewal periods and across clients
- Visual
- Displays the distribution of cost between employee and employer by plan type and coverage tier
- Monthly contribution amounts are summed across enrolled employees
- Distribution accounts for enrollment and rates
- Annual Cost – Total table
- Similar to the visual but annualized and reported as numeric values
- Total employer amount will match Employer’s Annual Benefit Cost amount if employer-paid plans consist only of medical, dental, vision, STD, and LTD. If they don’t match, there are other plans for which the employer contributes.
- Annual Cost – Per Enrolled Employee
- Annual cost, which includes employee and employer cost, per enrolled employee per year
- Provides an estimate of total cost for an employee by plan, for medical, dental, and vision
- Another benchmark factor that can be compared across renewals and among other clients
Report Functionality
- Filter and select multiple options for
- Effective Date
- Class
- Location
- Division
- Department
- Visuals and tables can also be used to filter each other by clicking on aspects of interest
- If you have any questions are how to interpret the data after filtering, please contact us
- Two hierarchical levels have been provided in the visual
- Plan Type (Medical, Dental, Vision, Basic Life, STD, LTD)
- Coverage Tiers
- Visual header icons
- Up Arrow: drill up, aggregate based on the hierarchical level above the current
- Down Arrow: enables drill mode. When enabled, click on a vertical bar to go deeper into the hierarchy provided
- Double down arrows: drill down, aggregate based on the next hierarchical level below the current
- Hierarchical arrows down: expand down one level in the hierarchy
- Using the visual headers you can
- Aggregate cost based on Plan Type
- Aggregate cost based on Coverage Tier
- Aggregate cost based on the coverage tiers for a specific plan type or expanded for all plans
- Hover over a section to see additional details
- Right click on a vertical bar to
- Show data point as a table: view the raw data structure
- Show as table: view underlying numbers
- Drill up: presents data aggregated based on the hierarchical level above the current
- Include: only include selected
- Exclude: exclude selected
- Drill through to Distribution Detail: presents Distribution Detail report for that plan type
